Uganda has acceded the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).
The signing ceremony was held in Kampala on Thursday.
Speaking during the ceremony, Philip Rukikaire, the Director for Regional and International Cooperation at the Ministry of Foreign Affairs who represented the Permanent Secretary described the ceremony as a significant milestone in Uganda’s ongoing commitment to regional cooperation and economic integration within the continent.
“By joining FEDA, we reaffirm our dedication to the shared vision of a prosperous Africa, united in its pursuit of sustainable development and increased intra-African trade. Africa needs more trade than aid,”Rukikaire said.
“FEDA, as a key initiative of the African Export-Import Bank, represents a collective effort to address the critical needs of our continent’s export sector. Uganda’s decision to become a member of this esteemed body is a testament to our faith in African-led solutions for our economic challenges.”
He applauded the founding members of FEDA, Afri-Exim Bank for its unwavering commitment to promoting intra-African trade, industrialization, and economic diversification and to all partner states.
“Uganda looks forward to actively contributing to FEDA’s mission and to working hand in hand with our African brothers and sisters in fostering an environment conducive to increased trade, investment, and shared prosperity.”
“In the spirit of Pan-African solidarity, we pledge our full support to FEDA’s initiatives and express our readiness to collaborate closely with all member states in pursuit of our common goals. More specifically, the potential to meet the objectives of the African Continental Free Trade Area.”
The chairman of the Presidential Advisory Committee on Exports and Industrial Development(PACEID) Odrek Rwabwogo said by joining FEDA, Uganda will reap several benefits.
“ Africa must stop fearing trading with each other and there has to be a bridge between a Ugandan and an Igbo in Nigeria and this bridge is trade. Trade has to be facilitated. There is need to make sure that if Egypt produces and supplies oranges cheaper and they want to sell to us but we have issues of flooding our market. There is an adjustment fund of $1 billion from the African Export-Import Bank that can compensate us without undermining trade between us and Egypt,” Rwabwogo said.
He said with such efforts like FEDA, Ugandans can ably trade with colleagues from other countries in each other’s own currencies.
FEDA CEO, Marlene Ngoyi by joining FEDA, Uganda has made an important step to access an important platform to support export promotion and value addition.
“This is a testament to Uganda’s strong commitment to several values that we share to industrialize Africa , add value to our exports and to ensure we trade with each other as African countries,” Ngoyi said.
“This is a significant step for Uganda and Uganda will now access to a very important platform as FEDA manages $1 billion we deploy in member countries to support the private sector in order to support public-private partnerships with an objective to make sure Uganda and the rest of Africa are industrialised , add more value to products and ensure exports.”
